Connecticut will end fiscal year with $398 million surplus, comptroller says

Published 12:21 pm, Tuesday, September 3, 2013

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HARTFORD >> Comptroller Kevin Lembo announced Tuesday that the state’s financial status is still improving and fiscal year 2013 will end with a surplus of about $398.79 million, according to a press release from Lembo’s office.

A final audited statement for fiscal year 2013 will be transmitted on Dec. 31, according to the release.

In a letter to Gov. Dannel P. Malloy, Lembo attributed the surplus to low spending growth and revenue growth that exceeded expectations, the press release states.

“Of the surplus total, $220.8 million has been reserved for future fiscal year activity and $178 million will be deposited into the Budget Reserve Fund – or “Rainy Day Fund” – bringing the Budget Reserve Fund balance to $271.5 million,” according to the release.

Lembo noted in the press release that general fund spending for fiscal year 2013 was up $244.1 million – or 1.3 percent – over the prior fiscal year.